FxWirePro: NZD/USD edges lower but bullish outlook persists

• NZD/USD edged lower on Monday  as markets looked to a crucial week of central bank meetings, with the Fed in focus.

• Investors face a packed week of central bank meetings, with decisions due in the U.S., Japan, Taiwan, Indonesia, and developed markets including the U.K., Canada, and Norway.

• The spotlight will be on the Fed, which is expected to cut rates by 25 bps on Wednesday, with markets watching its guidance on the policy path ahead. Investors are now pricing in up to three cuts by year-end 2025.

• Markets also await Thursday’s New Zealand GDP release, which is likely to confirm a 0.3% contraction in New Zealand’s economy during the June quarter, reinforcing the need for additional support measures.

The Reserve Bank of New Zealand is widely expected to cut the 3% cash rate two more times by early next year.

•  Immediate resistance is located at 0.5980(Higher BB), any close above will push the pair towards 0.6016(38.2%fib).

•  Support is seen at 0.5921(50%fib)and break below could take the pair towards 0.5892(SMA 20).

 Recommendation: Good to buy  around 0.5930 with stop loss of 0.6860 and target price of 0.6000